Panerai is really, really hot right now. I like the watches, but I think that their prices are pretty high considering it's more or less an off-the-shelf movement inside. They've gone way up in the last 4-5 years due to all the celebrities that are wearing them and the accompanying demand from people who like to follow expensive trends. I think they are great looking watches, particularly the rare all-black ones, but right now they're a lot of money for a nice case.
Despite all that, they would be near the top of my list if I had $4k to drop on a watch. I love the history behind them and their distinctive looks. The Power Reserve one is really cool. I have a thing for big watches anyway; I can't (won't) wear small ones. If you have the cash, go for it!
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